Video: Health Care FSA with carryover

Health Care FSA with Carryover

1. What if you had more money in your pocket to help pay for health care expenses?
2. Now you can, with a Flexible Spending Account, sponsored by your employer and administered by PayFlex.
3. The health care Flexible Spending Account -or FSA- allows you to contribute pretax dollars to pay for eligible health care expenses.
4. Such out-of-pocket expenses include medical, dental, prescription, hearing and vision expenses.
5. You can also use your funds to pay for deductibles, copays and co-insurance.
6. Here's how it works.
7. When enrolling in your benefits for the new plan year, estimate the amount you'll need to pay for eligible health care expenses.
8. Based on your estimate, make an annual pre-tax contribution election to your health care FSA.
9. Then, throughout the year, use your FSA to pay for eligible health care expenses for
10. you, your spouse and any eligible dependents.
11. And, now it’s OK if you have some funds left at the end of the year.
12. The traditional “use it or lose it” requirement has recently changed and your employer has chosen to let you carryover a certain amount each year as long as you
13. continue to be an active employee as of the last day of the plan year.
14. The carryover amount is decided by your employer but cannot exceed the IRS limit of $500. Refer to your plan for the specific amount.
15. So, it’s no longer “use or lose it!”
16. But remember, there’s a limit. And any funds over that limit could be forfeited or become subject to a run-out period.
17. For added convenience, your employer can chose to offer a PayFlex debit card which allows you to access your FSA funds and immediately pay
18. for eligible health care expenses at qualified merchants where MasterCard® is accepted.
19. And you can access your account virtually anytime, anywhere through our dynamic website
20. or with our innovative Pay Flex Mobile™ App that brings the website and all of its functionality to your fingertips.
21. Take advantage of your company's health care FSA and start saving.
22. This has been a brief summary of a Health Care FSA.